St. Louis Park: Low-Interest Loans
The City of St. Louis Park currently offers home improvement financing for residents in conjunction with an MHFA loan. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612-335-5884 for complete details.
- Loan amounts from $2,000 - $35,000
- 3% (4.179% APR) or 4% (5.184% APR)* fixed interest rate, depending on income
- Income limits apply
- Terms up to 15 years
- This loan is secured by a mortgage on the property
- Closing costs apply
- Owner-occupied residential properties located in the City of St. Louis Park
- 1-4 units
- Individual condo and townhome owners are eligible
- Properties under construction or held in Trust are not eligible
Types of Improvements
- Eligible improvements include most interior or exterior remodeling and upgrades.
- 1 bid is required from a licensed contractor.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor or equipment purchase or rental may not be included in the loan.
*APR is based on $35,000 loan for 15 years.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).